Income from jcb hiring
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 April 2016
how to compute income from JCB hiring business? is it excluded under section 44AD? or same can be shown under section 44AD as a presumptive taxation?
25 April 2016
It can be shown under section 44AD by taking 8% as profits out of gross receipts.
Rupesh Jain
(Expert)
25 April 2016
you can take income u/s 44AD
CA SUNIL K GARG
(Expert)
25 April 2016
Section 44AD is not applicable to the following business:-
a person carrying on profession as referred to in section 44AA(1) or
a person earning income in the nature of commission or brokerage or
a person carrying on any agency business.
However JCB hiring business is covered u/s 44AD, hence presumptive taxation @8% can be taken.
a person carrying on profession as referred to in section 44AA(1) or
a person earning income in the nature of commission or brokerage or
a person carrying on any agency business.
However JCB hiring business is covered u/s 44AD, hence presumptive taxation @8% can be taken.
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